Finance Law and Banking Law

The SEC's 2026 regulatory agenda signals potential reforms to Foreign Private Issuer eligibility requirements, while Nasdaq's expansion to 23-hour trading creates new disclosure timing challenges that may not align with EDGAR's limited operating hours. These developments, combined with a stayed $5 million market value delisting requirement, present material compliance and strategic considerations for companies navigating U.S. capital markets.

The SEC has granted petitions for review of Nasdaq's $5 million MVLS listing standard, keeping the controversial rule on hold while extending the review period for NYSE American's similar market capitalization requirement. Microcap companies trading near these thresholds face potential delisting consequences if these proposed rule changes are ultimately approved, making it critical to understand the compliance strategies and ongoing regulatory developments.

Forget what you thought you knew about startup funding. According to Crunchbase, billion-dollar rounds have moved from anomaly to expectation. In the first half of 2026, 60% of global startup funding flowed to rounds of $1 billion or more — and in the U.S., that figure jumped to a staggering 73%.

Fund administration extends beyond operational tasks to become a strategic asset throughout your fund's lifecycle. From launch decisions that shape future efficiency to exit readiness and wind-down obligations, strong administrative infrastructure supports growth, investor confidence, and long-term operational resilience across every phase of fund management.

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).

The SEC has issued a joint statement on fair valuation of private assets, signaling increased scrutiny of registered funds holding private credit. With private credit holdings growing nearly 60% since 2020 amid recent redemption and valuation pressures, the statement emphasizes the need for robust valuation policies, material disclosures, and proper consideration of market conditions when marking private assets.

Structured credit plays a vital role in private credit markets by pooling loans, receivables, and cash-flowing assets to create tailored investment opportunities across various risk-return profiles.

Asset-based lending against in-transit inventory presents unique legal challenges as lenders navigate UCC Article 7 requirements, negotiable documents of title, and the emerging landscape of electronic bills of lading. This analysis examines how ABL lenders can structure security interests to protect their position when goods are moving through the supply chain, from traditional paper documentation to modern electronic platforms.

Matt Bisanz and Tom Killian discuss innovative approaches to regulatory recognition of commercial real estate risk transfer in US banking. The conversation examines how banking agencies can enable responsible growth in commercial real estate lending while maintaining appropriate risk management standards.

Arizona's new State Affordability Infrastructure District framework becomes operational on September 14, creating unprecedented opportunities for developers to finance public infrastructure through a statewide vehicle. As the first formation petitions are prepared, critical decisions about district boundaries, financing structures, and bond capacity will determine the success of projects across the state.

Electric generation projects rarely get built, let alone financed, without a long-term contract locking in revenue. That contract, referred to as an offtake agreement, determines whether a project can attract limited-recourse debt and whether investors are willing to commit capital to construction.

How do U.S. leveraged finance and project finance transactions differ in their treatment of hedging counterparties within senior secured credit structures? This analysis examines the documentation architecture, eligibility frameworks, governance mechanics, waterfall priorities, and enforcement coordination that distinguish these two markets' approaches to integrating hedges into collateral packages.